Taiwanese semiconductor companies attach "great importance" to complying with the law, the island's government said on Saturday, signalling they would comply with new U.S. export controls that aim to hobble China's chip industry.

The rules announced Friday by President Joe Biden's administration include a measure to cut China off from certain chips made anywhere in the world with U.S. equipment, vastly expanding its reach in its bid to slow Beijing's technological and military advances.Taiwan, a major chip producer, is home to Taiwan Semiconductor Manufacturing Co (TSMC), the world's largest contract chipmaker and a major supplier to companies including Apple Inc (NASDAQ:AAPL).

In a statement in response to the U.S. announcement, Taiwan's Economy Ministry said Taiwanese firms were law-abiding.

"Taiwan's semiconductor industry has long served global customers and attaches great importance to compliance with laws.